baqthier
January 22nd, 2005, 07:26 PM
http://biz.thestar.com.my/news/story.asp?file=/2004/12/25/business/9748364&sec=business
KLIG injects more in monorail project
KUALA Lumpur Infrastructure Group Bhd (KLIG) said it has signed a deal to increase its investment in a monorail project that will serve the Gangnam district of the South Korean capital of Seoul.
Under the deal, signed on Dec 20, KLIG and its partners the Gangnam district government, MTrans International Ltd (MIL) and Gangnam Monorail Co Ltd would become partners in the initial investment and management of Gangnam's monorail pre-construction and approval stages, KLIG said in a statement to Bursa Malaysia.
MTrans, KLIG and Gangnam Monorail Co are units of MTrans Holdings Bhd.
The district government, MIL and KLIG intended to increase the capital of Gangnam Monorail Co initially to 2.88 billion won to fund the preparation and submission of the project?s technical proposal, KLIG said
About 75% of this initial capital will be allocated for design and feasibility studies to be undertaken by MIL and KLIG.
The investment will be 24.8% made by the Gangnam district government with the majority to be made by KLIG and MIL. The exact ratio of spending to be undertaken by KLIG and MIL is not provided.
KLIG said it would make a further announcement on the project pending its approval by relevant South Korean authorities and the finalisation of the subscription of shares.
KLIG?s parent company MTrans Holdings announced in mid-September that it was setting up a joint-venture company in South Korea to build the Gangnam monorail system. ? AFX-Asia
KLIG injects more in monorail project
KUALA Lumpur Infrastructure Group Bhd (KLIG) said it has signed a deal to increase its investment in a monorail project that will serve the Gangnam district of the South Korean capital of Seoul.
Under the deal, signed on Dec 20, KLIG and its partners the Gangnam district government, MTrans International Ltd (MIL) and Gangnam Monorail Co Ltd would become partners in the initial investment and management of Gangnam's monorail pre-construction and approval stages, KLIG said in a statement to Bursa Malaysia.
MTrans, KLIG and Gangnam Monorail Co are units of MTrans Holdings Bhd.
The district government, MIL and KLIG intended to increase the capital of Gangnam Monorail Co initially to 2.88 billion won to fund the preparation and submission of the project?s technical proposal, KLIG said
About 75% of this initial capital will be allocated for design and feasibility studies to be undertaken by MIL and KLIG.
The investment will be 24.8% made by the Gangnam district government with the majority to be made by KLIG and MIL. The exact ratio of spending to be undertaken by KLIG and MIL is not provided.
KLIG said it would make a further announcement on the project pending its approval by relevant South Korean authorities and the finalisation of the subscription of shares.
KLIG?s parent company MTrans Holdings announced in mid-September that it was setting up a joint-venture company in South Korea to build the Gangnam monorail system. ? AFX-Asia